UPDATE: Piper Jaffray Reiterates Overweight on Home Depot, Raises PT

In a report published Tuesday, Piper Jaffray reiterated its overweight rating on The Home Depot, Inc.

and raised price target from $70 to $83. Piper Jaffray noted, "We are maintaining our OW rating and raising our PT to $83 from $70 on HD shares following a solid Q3 beat-and-raise. While sales and adjusted EPS guidance was increased for F12 to +5.2% (from +4.6%) and $3.03 (from $2.92), we continue to believe that the implied Q4 guidance looks conservative. At this point, HD has not included the impact from Hurricane Sandy in guidance but expects at least the same benefit as last year's Hurricane Irene (~$360M). Based on our recent survey work, we remain very bullish on our outlook for home remodeling spend in 2013 and 2014. Finally, we are rolling our PT forward to be based off of our 2014 given our conviction in a multi-year remodeling tailwind that can drive accelerating comp and EPS growth. Our $83 PT is based on 20x (unchanged) our 2014 EPS of $4.13." Home Depot closed at $63.38 on Tuesday.